A thought on Price Discrimination and Wal-Mart

Just finished this previous post on price discrimination, and it triggered a thought.  Economists spend a  lot of time (particularly in a principles course) discussing market structures like monopoly.  We don't spend enough on it's reverse equivalent, monopsony.    In monopsony, there's just one buyer, often inelastic supply, and barriers to entry of new buyers.  In … Continue reading A thought on Price Discrimination and Wal-Mart

Price Discrimination & Big “Black Friday” Sales

Arnold Kling explains partly why stores offer Black Friday (day after Thanksgiving) sales: price discrimination (see below the  fold).  Price discrimination is the practice of charging two (or more) different groups of buyers a different price for the same thing.  The idea is to charge a high price to people willing to pay a higher … Continue reading Price Discrimination & Big “Black Friday” Sales

Fox News needs to go to school for more than just economics…

Um, I didn't think "fair and balanced" was supposed to mean "ignorant of basic arithmetic", but I guess I was wrong.  Fox News is that bad. The Visual Display of Stupidby Kieran Healy on November 25, 2009Fox News Pie ChartI’d almost be happier if this turned out to be some kind of fake. But in … Continue reading Fox News needs to go to school for more than just economics…